Two Australian State Politicians Reveal Bitcoin Holdings

Posted by Samuel Haig on Mar 26, 2018

Two sitting ministers from the legislature of the Australian state of Queensland have revealed that they privately own bitcoin. The declarations have been made for the state’s register of members’ interests – which lists information including the properties, trusts, and union memberships of Queensland’s politicians.

Queensland Registry Reveals Aussie Politicians Own Bitcoin

The updating of the register of Queensland’s politicians’ interests has revealed that two of the state’s representatives currently own bitcoin. The register discloses the formal political affiliations of the state’s politicians, in addition to revealing major assets and investments owned by Queensland’s representatives.

Nick Dametto, a recently elected MP for Katter’s Australian Party – a right-leaning minority party that seeks to serve Queensland’s vast rural population – has discussed his bitcoin holdings with Fairfax Media.

Mr. Dametto first purchased bitcoin in October 2017, which quickly grew in value. “I then used my bitcoin to buy a couple of different other coins that are worth a lot less, and then they went up a little bit, and at one point my $5,000 investment went up to $60,000, then it crashed after Christmas,” Mr. Dametto said.

Bitcoin Moving Toward Mainstream in Australia

Mr. Dametto estimates that his bitcoin holdings are currently “worth about $20,000 Australia (approximately $15,400 USD),” concluding that he is pleased his investment despite the bitcoin market no longer being “at the heights it was before.” Mr. Dametto adds that he is “about as much into bitcoin as I am into skydiving. And I’m not into skydiving.”

Bart Mellish of the Australian labor party also declared that he possesses bitcoin.

Former Politician Seeks to Cash-In on Crypto Boom

Since losing his seat in November 2017, former independent MP, Rob Pyne, has sought to cash in on the rise of cryptocurrency – including changing the name of his Facebook page to “Roby Pyne: Cryptocurrency Guru.”

In recent years, reform of Australia’s tax regime surrounding cryptocurrency has helped propel bitcoin toward the mainstream. Earlier this month, it was announced that 1,200 Australian newsagents will facilitate fast and simple purchases of BTC or ETH.

Do you think that cryptocurrency ownership will soon become the norm among the western political class? Share your thoughts in the comments section below!